:: Technical --- ID :: 18666
Petroleum minister Dharmendra Pradhan blames global crude oil surge for rising fuel prices
Petroleum minister Dharmendra Pradhan blames global crude oil surge for rising fuel prices

Petroleum minister Dharmendra Pradhan blames global crude oil surge for rising fuel prices

Petroleum minister Dharmendra Pradhan said that the rising fuel prices in the country are a result of the surge in global crude oil prices.

He said that he would like to see fuel as part of the GST regime but the decision rests with the GST Council.

"The prices of petroleum products have gone up. The main reason is that the price of crude oil has gone over USD 70 (per barrel) in the international market. This negatively impacts consumers here, as India imports 80 per cent of its oil requirement," PTI quoted Pradhan as saying.

"The price of this commodity is regulated by the global market. As a sector in-charge, I am of the opinion that fuel should be brought under the GST. But, it will be done only when members of the GST council reach a consensus on it. It is the GST Council which will take a collective decision about it," Pradhan added.

Domestic fuel prices are on a continuous rise as the global demand improves and a supply glut diminishes.

Fuel prices rose 27 paise for petrol and 28 paise for diesel on Monday. Petrol was selling at Rs 101.52 in Mumbai.

The Economic Times 07-06-2021